Crypto products hit with $305M outflow amid strong US economic data

in hive-183397 •  3 months ago 

After seeing the largest multi-week inflows in recent months, cryptocurrency investment products are back to seeing major outflows amid strong economic reports in the United States.

Digital asset investment products saw outflows totaling $305 million last week, driven by “stronger-than-expected economic data” in the US, CoinShares stated in its latest digital asset fund flows report published on Sept. 2.

The report suggests that during the week from Aug. 24 to Aug. 31, US investors led the world in terms of the number of crypto investment products sold, with outflows totaling $318 million.
Crypto investment flows by country from Aug. 24 to Aug. 31. Source: CoinShares

Germany and Sweden posted smaller outflows totaling $7.3 million and $4.3 million, respectively. On the other hand, Switzerland and Canada saw slight inflows totaling $5.5 million and $13.2 million, respectively.

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"Wow, what an interesting turn of events! 🤔📊 It's great to see people taking notice of the economic reports in the US and adjusting their crypto investment strategies accordingly. 💸 Thanks for sharing this update, and I'm loving the visual from CoinShares - Crypto investment flows by country is a fascinating topic! 🌍 Would love to hear more thoughts on this from fellow Steemians! What are your predictions for the crypto market in the coming weeks? Share your insights, and let's keep the conversation going! 😊 P.S. If you haven't already, be sure to vote for @xpilar.witness by heading to https://steemitwallet.com/~witnesses - every vote counts towards growing our amazing Steem community!"